Bovie Medical Completes the Reacquisition of 2,000,0000 Convertible Preferred Shares; Anticipates Record Revenues for 1999.Business Editors & Medical Writers MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 6, 2000 Bovie Medical Corporation (the "Company") (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Symbol: BOVI), a leading manufacturer and marketer of electrosurgical products, today announced that it has reacquired 2,000,000 convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. from Advanced Refractory refractory Material that is not deformed or damaged by high temperatures, used to make crucibles, incinerators, insulation, and furnaces, particularly metallurgical furnaces. Technologies, Inc. (ART). The Company reacquired the preferred shares from ART in exchange for the equipment, licensing and manufacturing rights to the DYLAN (DYnamic LANguage) An object-oriented programming language developed at Apple in the late 1980s with assistance from Harlequin Group plc, Carnegie Mellon University and others. Dylan was designed to provide the simplicity of Smalltalk with the efficiency of C++. (TM) technology previously granted by ART to the Company. "We are very excited with the progress the Company has made over the last 30 days. The Company, in addition to the reacquisition of the two million convertible preferred shares, agreed to repurchase 2,000,000 of its common shares from a major shareholder group. To date, Bovie has repurchased approximately 1,120,000 of the shares and expects to purchase the remaining balance of 880,000 shares in the coming months. The transactions as already completed have reduced our current fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. shares outstanding from 17.1 million shares to 14.0 million shares," commented Andrew Makrides, president of Bovie Medical Corporation. Mr. Makrides continued, "We are also very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our business and anticipate reporting record revenues for 1999. With sound business prospects for the upcoming year and the reduction of our shares outstanding by almost one fourth, we are extremely confident about Bovie's future." Bovie, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Aaron Medical Industries, is engaged in the engineering, manufacturing and marketing of electrosurgical medical products. This document may contain some forward looking statements, particularly regarding operational prospects in 1999 and beyond, which involve a number of risks an uncertainties tat could cause actual results to differ materially. These risks are listed from time to time in the Company's SEC filings. |
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